inmagene-biopharmaceuticals-secures-21-million-in-series-b-funding

By Akshay Kedari  Date: 2020-11-09

inmagene-biopharmaceuticals-secures-21-million-in-series-b-funding

Inmagene Biopharmaceuticals, a Chinese pharmaceutical company, has recently revealed that it has logged US$21 million from its Series B funding round which was led by Vertex Ventures China. Reportedly, the funding saw co-investment from investors like Kunlun Capital, Panacea Venture, and SCVC.

As per sources, the capital will be utilized for research and development, product in-licensing activities and global clinical trials. As of this date, Inmagene has managed to raise more than $40 million from fundraising. The company is a prominent drug developer that specializes in immunology-related therapeutic regions.

Inmagene’s management team is deeply rooted in China and has a strong global experience. Its pipeline is strengthened by two prospects- the first being its in-licenses clinical-stage foreign therapeutics that suits China, while the second being its strategic relations with global players along with whom it conducts wide-scale multi-center clinical trials.

It is worth noting that Inmagene leverages China's cost-efficient resources to create best-in-class drugs at an affordable price point. Moreover, it has commenced four new innovative programs for validated drug targets.

Speaking on the move, Dr. Jonathan Wang, CEO and Chairman, Inmagene, said that the company is grateful to Panacea, Vertex, SCVC and Kunlun along with other investors for providing strong support. This financing will help the firm strengthen its leading position in China’s immunology drug development space.

Mr. Tay Choon Chong, Managing Partner, Vertex Ventures China, commented that the organization is delighted to be a part of Inmagene's Series B funding round as its lead investor. The development of immunology-related therapeutics still remains as a 'blue ocean' in China.

Mr. Chong added that Inmagene has made some early breakthroughs in the field of immunology and has managed to develop a strong R&D pipeline. Vertex believes that with a broad global vision and robust innovative capabilities, Inmagene has the potential to develop more competitive products at a global scale to satisfy patients' needs.

Source Credit: https://www.pharmiweb.com/press-release/2020-11-09/inmagene-biopharmaceuticals-closed-21-million-series-b-financing-making-the-total-raised-to-date-o

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Facebook ad revenue could face more brunt over Apple’s privacy changes

Facebook ad revenue could face more brunt over Apple’s privacy changes

By Akshay Kedari

After Snap Inc. failed to reach its revenue targets last week, investors are now fearing that Facebook’s ad revenue could also be severely impacted due to Apple’s privacy changes. For those unaware, Apple’s privacy updates, which w...

Mark Zuckerberg planning to rebrand Facebook to reflect metaverse focus

Mark Zuckerberg planning to rebrand Facebook to reflect metaverse focus

By Akshay Kedari

There have been many businesses that have rebranded themselves to alter their identity with time. Following the league, social networking giant Facebook is also reportedly planning to rebrand the firm with a new name. On October 28, Chief Executive ...

Formula One teams to test second-generation biofuel during 2022 season

Formula One teams to test second-generation biofuel during 2022 season

By Akshay Kedari

The leading motorsport intends to achieve net-zero carbon status by the end of this decade. F1 has ruled out switching to an all-electric powertrain such as in Formula E. With increasing significance towards green mobility, Formula One teams are...

Apple’s iPhone 13 production may take a hit due to global chip shortage

Apple’s iPhone 13 production may take a hit due to global chip shortage

By Akshay Kedari

Apple Inc. is likely to cut down production of its iPhone 13 model by approximately 10 million units on account of the global chip shortage. The American multinational technology company was previously expected to manufacture 90 million units of the ...

Israel's GoTo Global acquires German e-moped sharing platform emmy

Israel's GoTo Global acquires German e-moped sharing platform emmy

By Akshay Kedari

Israel-based multimodal vehicle sharing services provider GoTo Global Mobility Ltd. has reportedly acquired Germany’s shared e-scooter company emmy. The acquisition will allow GoTo Global to enter the German market as well as accelerate its Eur...